HSBC Profits Up On Cost Cutting, SocGen Mulls Cuts, Commerzbank Posts Loss

HSBC Sign

HSBC has said first-quarter profit almost doubled, beating analyst estimates, as bad debts declined and it cut costs.

Bloomberg reports that pretax profit increased to $8.43 billion from $4.32 billion in the year-earlier period.

Chief Executive Officer Stuart Gulliver, 54, has closed or sold at least 52 businesses since he took the top job in 2011, seeking 30,000 job losses and sacrificing revenue to improve profitability.

In the meantime, BBC News reports Societe Generale, has said it is considering cutting up to 700 jobs.

Deputy chief executive Severin Cabannes told CNBC that the bank was discussing a plan to reduce 600-700 staff in France with trade unions.

The announcement came as it reported a 50% fall in net profit in the first quarter due to the weak French economy.

Finally, Bloomberg reports that Commerzbank has reported a loss for the second consecutive quarter after booking costs associated with firing staff.

The net loss of $122.9m in the first three months of the year compared with a profit of $464.3m a year earlier, the Frankfurt-based bank said in a statement Monday.

HSBC Says Quarterly Profit Almost Doubles on Cost-Cutting Plan

Societe Generale mulls hundreds of job cuts

Commerzbank Posts Second Quarterly Loss on Staff Reductions

image: © Howard Lake

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